3pm update - closing hour weakness

The main indexes are moderately lower, after the FOMC decided to change nothing (such a surprise!). It would seem reasonable to look for the sp' to slip lower to the 1730s across the next few 2-4 trading days, before renewed powerful upside across Nov/Dec.


sp'60min

VIX'60min

Summary

*the spikes on the VIX remain odd. It'd seem an algo-bot went crazy, and put out a VIX quote matching the recent high in the 21s.
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With the FOMC out of the way, things are again clearer..and simpler.

1775 looks to be the immediate term top...with a minor retracement, down to around 1730. On any basis..sub 1700s do NOT look viable in the near term...nor..the remainder of the year.
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Interesting action in the metals...with conflicting short/mid/long term cycles.
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3.14pm.. FB earnings at the close...currently -1%

FB, daily

Hard to call this one, but broad trend is clearly to the upside.
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3.32pm.. sp'1664, and despite the 'we're off the lows of the day' mantra on clown finance TV, market does look set for a few percent lower.

Regardless of any fall of 1% or so tomorrow, the big monthly index charts will close the month bullish.

*NFLX and TSLA having problems. The latter looks doomed to $110/100.. one to watch!
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3.43pm...Equity bears can note the weakness in the two leaders , trans/R2K, both down around 1%.

The headline indexes should follow tomorrow/Friday. Target remains sp'1730s.

back at the close :)